Can I cancel my reverse mortgage? YES. Don’t be scammed by lenders that say otherwise. Click here to cancel today and save thousands of dollars…
You have 3 business days after closing the original mortgage to cancel the reverse mortgage without penalty. To do this, notify the lender in writing as soon as possible. You can cancel the reverse mortgage for any reason. Send the letter by certified mail and ask for a return receipt. The receipt acts as documented proof of the letter you mailed to the lender, so keep it in a safe place and don’t lose it.
Can I cancel my reverse mortgage by phone or email?
No. You can’t officially cancel a reverse mortgage by phone, email or any other method of communication besides a written letter. If you’ve been told otherwise, it’s safest to send a letter anyway. Your letter can be mailed via snail-mail, faxed or delivered in person. It’s wise to collect some proof of delivery, such as a receipt.
Can I cancel my reverse mortgage after 3 business days?
No. Under normal circumstances, you cannot cancel a reverse mortgage after 3 business days.
Are They Breaking The Law?
Once the lender receives the letter, they have 20 days to return the money you’ve paid. If you believe that they are violating the law in some way, either by refusing to refund 100% of the money (including all fees) or taking too long to get back to you, then immediately let the lender know about their error. If they dodge your questions and concerns instead of addressing them right away, it’s time to file a complaint with the Federal Trade Commission (FTC). You can file a complaint online at ftc.gov or by phone at 1-877-FTC-HELP (1-877-382-4357). Your state attorney general’s office or state banking regulatory agency will also accept a complaint regarding lenders.
Related posts: